Which of the following formulations of the accounting equation is incorrect?

Golden Company had the following accounts and balances at the end of the year. What are total assets at the end of the year? Cash $75,000 Accounts Payable $14,000 Common Stock $21,000 Cost of Goods Sold $95,000 Dividends Declared and Paid $12,000 Buildings $12,000 Accounts Receivable $55,000 Inventory $42,000 Long-term Notes Payable $33,000 Revenues $130,000 Salaries Payable $28,000

A labor union had the following receipts and expenses for the currentyear ended December 31:  Receipt Descriptions: Amounts    Per capita dues  680,000    Initiation fees    90,000  Gift restricted by donor for loan purposes for 10 years  30,000  Gift restricted by donor for loan purposes in perpetuity    25,000   Expense Descriptions: Amount Labor negotiations  500,000 Fundraising                                                                                     100,000 Membership development 50,000 Administrative and general  200,000  Management sales of organizational supplies   60,000 Additional information: The union’s constitution provides that 10% of the per capitadues are designated for the Strike Insurance Fund to be distributed for strike reliefat the discretion of the union’s executive board. In the statement of activities for the year ended December 31, what amountshould be reported as donor-restricted support?

What is the first step of creating a Statement of Activities?

The town established a Central printing fund for the purpose of printing items for the entire government.  The General Fund made an initial capital contribution of $120,000 to the fund.  What account(s) should you DEBIT in the General Fund?

The following expenditures were made by Green Services, a society for the protection of the environment:Printing of the annual report                                                    $12,000Unsolicited merchandise sent to encourage contributions       25,000Cost of an audit performed by a CPA firm                                  3,000 What amount should be classified as fundraising costs in the society’s statement of activities?

When an Internal Service Fund sends a bill to the General Fund, which account should the Internal Service Fund debit?

During the current year, a voluntary health and welfare entity received $300,000 in pledges. Of this amount, $100,000 has been designated by donors for use next year to support operations. If 15% of the pledges without donor-imposed restrictions are expected to be uncollectible, what amount of support that increases net assets without donor restrictions should the entity recognize in its current-year financial statements?

Fashion Fusion is famous for fashion wristwatches and leather goods. At the end of the year, it had total assets of $680,000 and owner’s equity of $150,000. How much were Fashion Fusion’s liabilities?

Classify all of the following expenses from a not-for-profit museum from the current year as either program or supporting : Donated materials and supplies used – Roman Exhibit Program : $15,000____________ Depreciation – Office Equipment – 18th Century History Program: $30,000___________ Research – 18th Century History Program : $7,000________________ Fundraising: $50,000________________ Depreciation – Office Equipment: $10,000________________